It’s always hard to believe when someone mentions we are already in the second half of the year. But here we are, already fewer days to go until Christmas than the start of the year.
It’s a good time to take stock and assess where we are in comparision to the same time over the last few years.
Regular readers know I have generally been quite positive this year, and with good reason. More buyers have been putting pen to paper, and the general “feel” regarding the property market has been positive.
The question is, has this translated into conclusive property transactions? The simple answer so far is yes. Admittedly, I can only base this on my own office numbers, but hopefully this also extrapolates to what others are experiencing.
For the first six months this year compared to the first six months in 2023, in registered deals there has been an in increase of 27% in total value and 32% in volume.
Rentals cut a spookily similar number, just inverted, with value up 32% and volume up 27%.
Last month I wrote about house price inflation decline beginning to bottom out in KZN as a whole and indeed, although only slightly, with another month under the belt, the latest statistics show an uptick which is very positive.
Looking a bit deeper, the KZN inflation numbers are pulled down somewhat owing to the deflation happening in the eThekwini municipality since the last quarter of 2023, so there is even more reason to be positive if we are only talking about the greater Ballito area.
Elections have been and gone and the GNU has been formed. No one has a crystal ball, but the current makeup has been seen as positive by investors, especially compared to some of the coalition scenarios that could have come into play.
Finally, the national statistics have continued to show an increased inflation for the property market as a whole, as does the price band that 95% of all homes in the North Coast fall into (R1,5 million plus).
However, among all this positivity, if you are selling or thinking of selling, I still urge you to take heed of your agents’ advice. There are so many nuances and factors that are at play when pricing a home.
Even though the statistics are looking better, the time properties remain on the market has been rising year-on-year for the last four years. Getting a professional market appraisal before taking the plunge seems to be more important now than ever.
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